S. 3178 · 116th Congress
Restoring Tax Fairness for States and Localities Act
- Stage
- In committee
- Sponsor
- Chuck Schumer
- Introduced
- 2020-01-09
- Latest action
- 2020-01-09 · Introduced in Senate
Summary
Restoring Tax Fairness for States and Localities Act
This bill increases the tax deduction for state and local taxes in 2019 to $20,000 for persons filing a joint tax return. It eliminates the current $10,000 cap on the deduction in 2020 and 2021.
The bill increases the top marginal income tax rate to 39.6% beginning in 2020, and reduces the dollar amount at which the increased tax rate begins.